Standard Chartered acquires virtual land in The Sandbox metaverse

The Hong Kong unit of the financial giant Standard Chartered has bought a parcel of virtual land in The Sandbox metaverse to explore the possibilities of the new space.

According to the statement, Standard Chartered Bank (Hong Kong) Limited (SCBHK) became the first landowner bank in the Mega City district of the virtual world. The district is positioned as a cultural hub rooted in or inspired by Hong Kong talents.

Under the aegis of another group subsidiary, the venture arm SC Ventures, the financial institution intends to attract clients and partners to experiments in this new space.

“The metaverse is a vision of the next stage of evolution of the internet, which opens up new opportunities and unique practices through the use of immersive technologies. Participation in the metaverse allows us to rethink our relationships with existing and potential clients, as well as our approach to improving engagement on the new platform,” said Mary Huen, CEO of SCBHK.

According to SC Ventures head Alex Manson, in recent years the group has been developing business models in the cryptocurrency and digital assets space. He also called the development of metaverses “the most important milestone in the evolution of Web 3.0.”

Earlier in March, HSBC bought a parcel of virtual land in The Sandbox world.